Large Trust Bank Chooses First Rate Service Bureau for Outsourced Data Resolution

Client Situation

Investment officers are not receiving timely and accurate performance reporting because issue resolution was not consistent and performance expertise was difficult to retain. In addition, FTE costs in performance was rising and the firm needed a way to reduce this expense.

Client Challenges

The Trust Bank cannot meet same day and next day issue resolution and needed a way to contain costs as they grow their business.

What the Client Wanted

The firm needed timely and accurate performance calculated and additional resources to provide the system expertise that the in-house team lacked in the 24-hour time frame that is provided for issue resolution to their clients.

What First Rate Provided

An outsourced back-office solution. First Rate took responsibility for delivering timely and accurate performance data based on a service level agreement. First Rate proactively addresses problems and issues and is accountable to respond within agreed upon time frames. In addition, First Rate provides the system expertise to make global changes to return challenges and data requests.

The Impact

The firm experiences more efficiency in the front, middle and back-office by allowing each to concentrate on core responsibilities. Now more than 97% of all user requests are resolved within a 24-hour period of less, whereas before it was 50%, which enhances the client experience on a statement. The 7-year horizon plan estimates on annual savings of $92,000 for the trust bank outsourcing to First Rate Service Bureau.